Inv Vk Mun Tr (NYSE:VKQ) Sees Large Volume Increase - Time to Buy?

Key Points

• Trading volume surged: 575,457 shares traded on Thursday (a 172% increase vs. the prior session) with the stock last at $9.67, up about 0.4% and trading near its 50- and 200-day moving averages (~$9.71/$9.70).
• Monthly dividend announced: VKQ declared a $0.0628 per-share monthly dividend (ex-dividend April 14, payable April 30), implying an annualized yield of roughly 7.8%.
• Institutional buying and fund profile: Multiple institutions (Invesco, Raymond James, Bank of America, etc.) increased holdings and institutional investors own about 32% of the stock; VKQ is an Invesco closed-end municipal bond fund focused on tax-exempt, primarily investment-grade municipal securities.

Inv Vk Mun Tr (NYSE:VKQ - Get Free Report) saw strong trading volume on Thursday . 575,457 shares traded hands during trading, an increase of 172% from the previous session's volume of 211,852 shares.The stock last traded at $9.67 and had previously closed at $9.63.

Inv Vk Mun Tr Trading Up 0.4%

The stock's 50-day simple moving average is $9.71 and its 200-day simple moving average is $9.70.

Inv Vk Mun Tr Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, April 14th will be issued a dividend of $0.0628 per share. The ex-dividend date is Tuesday, April 14th. This represents a c) dividend on an annualized basis and a dividend yield of 7.8%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in VKQ. Jones Financial Companies Lllp purchased a new position in shares of Inv Vk Mun Tr during the 1st quarter worth approximately $769,000. Invesco Ltd. grew its holdings in shares of Inv Vk Mun Tr by 11.5% during the 2nd quarter. Invesco Ltd. now owns 163,951 shares of the investment management company's stock worth $1,500,000 after acquiring an additional 16,904 shares during the period. Raymond James Financial Inc. grew its holdings in shares of Inv Vk Mun Tr by 53.6% during the 2nd quarter. Raymond James Financial Inc. now owns 203,544 shares of the investment management company's stock worth $1,862,000 after acquiring an additional 71,026 shares during the period. Bank of America Corp DE grew its position in shares of Inv Vk Mun Tr by 10.4% in the 2nd quarter. Bank of America Corp DE now owns 158,856 shares of the investment management company's stock worth $1,454,000 after buying an additional 14,905 shares during the period. Finally, Osaic Holdings Inc. grew its position in shares of Inv Vk Mun Tr by 16.9% in the 2nd quarter. Osaic Holdings Inc. now owns 14,206 shares of the investment management company's stock worth $130,000 after buying an additional 2,051 shares during the period. Hedge funds and other institutional investors own 32.00% of the company's stock.

Inv Vk Mun Tr Company Profile

Invesco Municipal Income Trust NYSE: VKQ is a closed-end management investment company that seeks to provide shareholders with a high level of current income exempt from federal income tax. The fund pursues its objective by investing primarily in municipal securities, including general obligation and revenue bonds issued by U.S. states, municipalities, counties and territories. As a tax-advantaged vehicle, the trust offers investors access to the municipal bond market through a diversified portfolio managed by seasoned fixed income professionals.

The trust generally allocates at least 80% of its assets to investment-grade municipal securities, although it may invest in lower-rated obligations when deemed appropriate by its management team.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.